Trade/Corporate Power Agreements Update

1. North American Free Trade Agreement (NAFTA)

The Council of Canadians is calling for the removal of Investor-State Dispute Settlement (ISDS) provisions in NAFTA. NAFTA’s Chapter 11 grants private investors from one country the right to sue the government of another country if it introduces new laws, regulations or practices – be they environmental, health or human rights – that might cause corporations to lose their anticipated profits.

To the best of our knowledge financial services are not being negotiated in NAFTA, and financial institutions will not have access to ISDS claims under NAFTA, but the special ISDS power of large corporations to challenge our government’s policies is of great concern.

2. Trans Pacific Partnership (TPP)

Financial services ARE part of the TPP package that continue to be discussed by Canada and the remaining TPP countries (the United States has withdrawn). The TPP would make it possible for the finance industry to challenge laws that could prevent another financial crisis. The TPP would:
• Require TPP governments to allow new financial products and services to enter their economies if these services are permitted in other TPP countries
• Constrain governments’ ability to ban risky financial products – including those not yet invented!
• Empower financial institutions to launch ISDS claims against governments.

3. Trade in Services Agreement (TISA)

The draft of TISA’s Financial Services chapter sets out rules that would assist the expansion of financial multi-nationals into other nations by preventing regulatory barriers. The US has been particularly keen on boosting cross-border data flow, which would allow uninhibited exchange of personal and financial data.

 

Beyond Banksters – What You Can Do!!

Organize, raise awareness, make these issues part of the national conversation!

Join forces with groups that are working to oppose privatization and corporate rights deals, promote public services (like postal banking), and raise awareness of financial alternatives: Council of Canadians, Friends of Public Services, Canadian Bank Reformers, COMER, the Public Banking Institute, LEAP manifesto… and many more…

Form a reading/discussion/action group for Beyond Banksters. Watershed Sentinel can will connect you with others in your area who are also interested.

Ask for a copy of Banksters at your public library or university/college library, or order your own to donate to friends/family/libraries.

Follow Beyond Banksters on Twitter and the Watershed Sentinel on Facebook to get and share news of the book and related issues.

Learn more & spread the word: Do your own research. Check out CUPW’s cool resources on Postal Banking – including great animated videos that you can share to explain how postal banking works and why we need it.

Sign the Council of Canadian’s NAFTA petition to the Prime Minister demanding that the government:

• Protect water by explicitly removing it as a tradable good, service or investment. We cannot leave our water vulnerable to bulk exports or privatization.
• Eliminate Chapter 11 investment provisions that allow corporations to sue governments over public interest laws or policies that hurt future corporate profits.
• Free Canada from the energy proportionality clause that locks us into supplying the U.S. with oil quotas that are destroying our environment and restricting real action on climate change.